California Centers

MAY 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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REAL ESTATE TRANSACTIONS 46 California Centers Magazine | May 2018 SANTA MONICA Dick's Sporting Goods – a 40,000 sq. ft. lease for a sporting goods store opening at a newly developed property that is due to also feature a Costco, Lowe's, and Home- Goods store. Scott Riddles, Derek Fitch and Rob Crumly, with CBRE, represented the lessee in the transaction. TORRANCE Dick's Sporting Goods – a 83,210 sq. ft. lease for a sporting goods store opening at Del Amo Fashion Center. Scott Riddles, Derek Fitch, and Rob Crumly, with CBRE, represented the lessee in the transaction. VAN NUYS A 6,253 sq. ft. building – located at 6650 Van Nuys Blvd., has been sold for $1.4 mil- lion. Brandon Michaels and Justin Rappel, with Marcus & Millichap, represented the buyer, a private investor, and the seller, an individual/personal trust, in the transac- tion. WESTWOOD VILLAGE A 6,340 sq. ft., two-story property – locat- ed at 1136-1140 Westwood Blvd., has been sold for $4 million. Among current tenants at the mixed-use space are D'Amores Piz- za and a variety of office users. Alex Koza- kov, Patrick Wade and Matthew Green- berg, with CBRE, represented the seller, a private family trust, and the buyer, Mory LLC, in the transaction. ORANGE COUNTY ANAHEIM AMC Theatres – is due to open at Ana- heim GardenWalk, a unique dining, night- life, shopping and entertainment destina- tion positioned near Disneyland Resort and the Anaheim Convention Center. The center owner has announced the addition of an AMC Theatre to its mix of fami- ly-friendly, notable shopping experiences. Due to open in early 2019, the AMC will occupy 22,358 sq. ft. on the upper level, next to House of Blues. Stated Jonathan Mayblum, Co-founder and Principal of Arcturus, a real estate asset management company handling operation of the center, "Anaheim GardenWalk has become one of the premier 'eatertainment' destinations in Orange County, and with the wide ar- ray of dining and options the center offers, there's something of interest for people in every age range and walk of life." COSTA MESA A 13,200 sq. ft. property – currently un- der an automotive ground lease on 0.8 acres that is triple net leased to a Los An- geles-based entity (14 years remain on the lease) that subleases the property to multiple tenants. Michael Walseth, with SRS, represented the undisclosed, Orange County-based seller. The buyer was repre- sented in-house in the transaction. DANA POINT A 2,380 sq. ft., 10 year lease – for an un- disclosed restaurant tenant opening June 15 th at Doheny Park Plaza, a neighborhood shopping center located at 34320 PCH. David Morgan, with Parker Commercial Brokerage Company in Lake Forest, rep- resented the lessor, Doheny Park Plaza Retail. Dave Donaldson, with California Restaurant Consulting, LLC in Newport Beach, represented the lessee, Vanguard Restaurant Group, in the transaction. LAGUNA HILLS Raising Cane's Chicken Fingers – this tenant occupied, triple net leased proper- ty, located at 23971 El Toro Road, has been sold for $5.5 million to an undisclosed buy- er. This Raising Cane location is the first to sell in California. Adam Freidlander and Matt Berres, with JLL Capital Markets in Irvine, negotiated terms of the transaction. LA HABRA Harbor Hills Shopping Center – this 27,080 sq. ft. nearly vacated property, located at 1450-1460 S. Harbor Blvd. has been sold for $5.7 million. The buyer was DMI Real Estate Group LLC of Los Angeles. Joseph Lising and Mitchell Neff, with Marcus & Millichap, represented the seller, Harbor Hills LP, in the transaction. SAN CLEMENTE Chase Bank – a brand-new, freestanding building on a long term, triple net lease to JPMorgan Chase, has been sold for $4.3 million. The property was sold to an all cash, private investor immediately upon going to market. It closed at a cap rate of 3.25 percent, which set a record as the lowest cap rate nationally for a Chase Bank leased property. Patrick Luther and Matthew Mousavi, with SRS Real Estate Partners' National Net Lease Group, rep- resented the buyer and seller, in conjunc- tion with seller representation also coming from Garrett Colburn and Michael Fowler with SRS Real Estate Partners in Newport Beach. RIVERSIDE COUNTY CORONA The Metro – a mixed-use center is planned for the center of the Main Street Corridor. The project is a joint development of Wer- mers Properties and Watermarke Proper- ties. The transit-oriented destination will offer 268 residential units and 70,000-plus sq. ft. of retail tenant space. Among ten- ants already committed are: Starbucks, Z-Pizza, Tap Room, Poke Cat, Burgerim, America's Best Eyeglass, Citibank, Organ- ic Junkie, Paws at Main, Nail & Spa Today, D'Vine Mediterranean, Meraki Salon and Union Barber. Dunkin' Donuts – the 2,000 sq. ft. first in the state, next-generation iteration of this retailer has opened in Southern Califor- nia as of March. It is one of 50 such new units anticipated to be opened by the end of 2018 in new and existing market regions throughout the U.S. INDIO Indio Fashion Mall – this 215,000 sq. ft. shopping center has been purchased by Haagen Co. for an undisclosed price from seller, REO Property Group LLC. The buyer plans to redevelop and expand

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